Great Article on New Bill 140

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Thought you all might be interested in this article from the Brampton Guardian. I wonder how this will affect Real Estate in Brampton and how the City will choose to deal with it.  Any thoughts?

By Pam Douglas
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Mar 27, 2012 – 7:52 AM
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City must lift ban on basement apartments

Forced to change. The Ontario government’s Bill 140, passed last May as the Strong Communities Through Affordable Housing Act, will make basement apartments legal in Brampton once again.
The Ontario government’s Bill 140, passed last May as the Strong Communities Through Affordable Housing Act, will make basement apartments legal in Brampton once again.
The Act took affect January 1, forcing all municipalities to allow basement apartments or “secondary units” in residential detached, semi-detached and townhouses. Municipalities must now come up with guidelines on how to regulate them.
The City of Brampton is looking at the issue, and will hold public meetings likely in the fall to get input from residents on how to regulate basement apartments. Until rules and regulations are established, it will be status quo in the city, which means basement apartments will still be illegal, according to city spokesperson Gordon Smith.
City council has registered its objection to the lack of consultation by the province before the Bill was passed, noting the Bill could have a negative impact on public safety and property standards.
Bill 140 amended the Planning Act to require all municipalities to implement official plan policies and zoning bylaw provisions that allow secondary units. The province did not give municipalities a deadline to make the changes.
Fire saftey will be one of the issues the city will stress, along with the provisions of adequate infrastructure and parking as it looks to comply with the Act.
The city has already repealed a new Brampton bylaw passed just last April which outlawed below-grade side entrances to homes for the sake of safety, drainage and access to rear yards. The new bylaw was being appealed to the Ontario Municipal Board, but the city repealed it on Feb. 22, stating side entrances are one way to make basement apartments safe.
“Since below-grade side entrances are often used to access secondary suites, it made sense for the city to repeal this by-law,” according to the city’s Feb. 22 decision. “The city will continue to ensure that safety is of the utmost importance and that there are no drainage or access problems.”
There are still zoning requirements and restrictions on below-grade side entrances.
The City of Brampton says it is looking for a “made in Brampton” way of regulating basement apartments now that they can no longer be banned.
The basement apartment issue was a political football almost 20 years ago when the NDP government under Bob Rae opened the doors in 1994 and allowed them “as of right”. One year later, the NDP had been defeated at the polls and the newly-elected Conservative government under Mike Harris passed Bill 20, giving municipalities back the right to ban basement apartments if they saw fit.
Brampton and other municipalities did, and, although all basement apartments existing in Brampton pre-1995 were grandfathered in, new ones were outlawed in the city.
Brampton has 3,000 legally registered basement apartments. How many more illegal basement apartments exist is the subject of debate.
City officials had maintained that many complaints from residents were actually centred on homes where multiple family members or multiple families were living, sharing the space and without an actual separate unit.
But many residents don’t see the difference. They have complained that single-family homes are not meant to house multiple families, and they overtax municipal services such as schools, garbage collection, and recreation centres, while paying taxes equal to a single family.
The city agrees, and that’s one reason they were banned, but the municipality now has no choice but to allow them.
Councillors expressed their disapproval in the motion to repeal the below-grade side entrance bylaw, stating the city is “deeply concerned that Bill 140… failed to consult with the municipal sector about unintended consequences and impacts related to community safety and property standards.”
Councillors also vowed to remain “committed to taking all necessary steps to ensure the legal accessory apartments are compliant with the city’s planning policies.”
Councillors also said they would voice their objections to the province.
The city defines a basement apartment as a self-contained apartment consisting of a room or rooms in a single or semi-detached home. It can be in any part of the house, not necessarily in the basement, and can go by the names granny flats, nanny suites, accessory apartments and second suites. They have to have a separate entrance, a kitchen or cooking area, and bathroom facilities, but if all of these are contained in one room, that is still considered a self-contained apartment. Any rented room in a house with a shared entrance, kitchen and bathroom is not considered a “secondary unit” or basement apartment.

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Peel Region Releases Affordable Ownership Program

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Earlier this month the Region of Peel again released its grant for HomeBuyers. This is an opportunity for you to get a downpayment on a house from the Region and have it act as a grant not a loan if you stay in the house for 20 years. There are 50-100 grants available and you have to have a prequalification from a bank in order to apply. This year there will be no waiting list for this program. Once the funds have been allocated the program will end. Here are the Details:

Only 50 to 100 people will be giving this opportunity this release.
Max price 280,000
Max income 80,000
Amount received. 15,000
Requirements :
Must have pre approval from CMHC approved lender
Rental letter or tenant agreement from landlord for proof of rental.
2010 NOA notice of assessment
proof of income Letter of employment ,Pay stubs, T4
2 pieces of ID
loan is for 20 years then forgiven.
If sale takes place client pays back loan plus 5% of increase of valve of home.
If home is sold for same price loan is forgiven.

Here are the requirements copied from the Region of Peel Website at http://www.peelregion.ca/housing/home-in-peel/apply/qualifications.htm

What is the Affordable Home Ownership Program?

The Region of Peel’s Home in Peel Affordable Ownership Program is designed to provide low-to-moderate income residents who are currently renting a unit with the opportunity to qualify for down payment loan assistance.

This program will assist eligible applicants who have a total gross (pre-tax) household income of $80,000 or less to purchase a home in the Region of Peel (Brampton, Caledon or Mississauga) that does not exceed a purchase price of $280,000.

Participant Eligibility
•Applicants must be 18 years of age or older
•Applicants must not own or have an interest in another residential property in Canada or elsewhere
•The home must be the sole and principal residence of the purchaser
•The applicant must currently be renting and looking to buy a sole and principal residence
•The applicant must have a total gross (pre-tax) household income not exceeding $80,000
•The applicant must be able to obtain a mortgage pre-approval from a Canada Mortgage and Housing Corporation (CMHC) approved and insured lender and must submit it with their application
•Participants may not include anticipated rental income from a portion of the property in order to obtain a mortgage
•The applicant must be able to pay all additional closing costs
•The applicant must supply all necessary documentation to the Region of Peel

Eligible Homes

Due to unpredictability of closing dates, new homes will not be eligible for purchase under the Home in Peel program.

Participants may purchase:
•resale detached homes
•semi-detached
•row homes
•town (condominium or freehold) stacked homes
•high-rise condominium units

Duplex, triplex or mobile homes do not qualify as eligible homes under the Home in Peel program.

For a home to be eligible, it must be modest in size relative to the community, in terms of floor area and amenities, as determined by the province or the service manager.

The maximum house price for program participants in the Region of Peel is $280,000.

The Down Payment Loan

The down payment assistance will be up to $15,000.

Repaying the Loan

The down payment loan is for a 20-year period and no interest is charged if:
•The home remains the sole and principal residence of the owner. The home is not to be rented, leased or sold in the 20-year period.
•On the 20th anniversary date of the agreement, the loan is automatically forgiven provided there has been no default.

Repayment of the loan is required when:
•The home ceases to become the sole and principal residence of the owner.
•The home is sold before the 20-year affordability period.

If during the 20 year affordability period, the property is resold, transferred, or otherwise disposed, and an appreciation in value is incurred, the purchaser will be required to pay back to the Region of Peel the loan and 5% of the appreciation.

If the home is sold for less than the original purchase price, the owner does not pay appreciation and the principal is forgiven (the sale must be at fair market value and must be an arm’s length transaction).

Other Costs for the Purchaser

The purchaser is expected to pay the following:
•Closing costs
•Inspection of the home prior to firm offer of purchase and sale
•Lawyer’s fees
•Land Transfer Tax

What is Needed to Qualify for the Home in Peel Program?

Interested applicants must complete the application form (PDF 333 KB, 8 pages) and provide all supporting documentation and return it to the Region of Peel.

As funding for this program is limited, participants are selected on a first-come, first-serve basis. Once an application is received, a letter confirming eligibility will be sent within 15 business days. There is no wait list for this program; once all funding has been allocated, all remaining applicants will be notified by letter that the program has ended.

Call me at 905-456-1000 ext 3344 for more details.

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Great Review of Buy Smart Seminar in Snap Brampton

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I wanted to share this great review we were featured in, for Snap Brampton this week.  It was a great turn out and we will be hosting another Buy Smart Seminar February 16th 2012, just in time for you to take advantage of the RRSP program.

“The Buy Smart Seminar at Professors Lake Recreation Centre in Brampton was a very educational event for those in attendance. Local Mortgage Broker Don Stoddart, as well as ReMax agent Ruth Ballantyne, provided their expert advice to people at a variety of stages of the home-buying process. While there was some planning to the seminar, the best part of the evening was the personalized touch of the seminar. Entrants were able to post their own questions and Don and Ruth were able to then open up the discussion to include those talking points. When it comes to home buying, we all need the expert advice given by trusted professionals. Visit www.buysmartseminar.com for more information on how you can be a part of the next seminar to take place right here in Brampton.”

Check out the full review here.

To register for Buy Smart February Seminar please go to www.buysmartseminar.com

Don’t forget to follow us on Twitter & Join us on Facebook

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Top Tips To Make You A Eco-Friendly Home Owner In 2012!

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In rolls the new year and with it, a new set of goals! Aside from the fitness and health goals, along with your careers goals, why not implement a resolution that will benefit the planet.  Making stronger, small green efficient choices can save you money and better the environment! Here are few tips on how you can (cost effectively) contribute to a greener home [plus check out the video]:

1. Reduce
It’s easy to overstep this and jump right to “recycle”. You’d be doing the planet and your wallet a great honour if your started your eco friendly journey by reducing what you consume. Think about if you really “need” this product, how was it made and how will the disposal of this product effect  your community’s greenland.

2. Shopping Bags
You probably have over 3 of the reusable grocery bags in your house.  Do you always forget them? After you’ve removed your groceries – put the bag back in your car.  You’ll save 5 cents & you’ll be doing your part.  This also helps you be conscious of limiting your shopping (no room for impulse buys!).

3. Mugs-to-go
Can’t survive the morning with out your cup of joe? Invest in a travel mug! Save 10 cents on your coffee and forget wasting the paper cup. Especially since not all coffee chains carry recyclable cups.

4. Compact Fluorescent Light Bulbs
You can save $30 of energy over the life of one fluorescent light bulb and these lights are recyclable (which is encouraged!)

5. Start a compost
Not sure how, or what’s included? Check this out!

6. Conserve
Keep your refrigerated door sealed tight when it’s closed. Having a full refrigerated lowers the temperature, decreasing the energy level change when the doors is opened or off.

Do you have any good tips on how to live in a eco-friendly home for 2012? We’d love to hear them!

@ruthballantyne

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Second best year on record – Watch December’s Market Watch from TREB

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Are you thinking about Buying a home in 2012? It might be more within reach than you think! Please join us for a complimentary Buy Smart 2012 seminar to learn how to:
Buy a Home Using your RSP
Use Government Programs to Increase Your Down Payment
Use Special Government Plans to Renovate your Home
Use the Cash Back System to buy with 0 or next to 0 Down
Help your Kids buy a home with Low Interest Rate
Use Low Interest Rates to Pay off your High Rate Credit Cards

TO REGISTER VISIT : www.buysmartseminar.com 

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Great Video

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Even though I am lucky enough to work with Re/Max, this video is very good. Putting Real Estate into a Rap? Who would have thought!

Hope you’re enjoying your Monday!

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Great Holidays with Santa Sunday!

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Thanks to all that came out to our Pictures with Santa. Its fun to see the way the age ranges react to Santa. Thanks to the very patient Santa who loved all of the kids even when they were not sure of him. It was nice to see family and friends we had not seen in a while and great to meet new friends. We will be delivering the photos over the next week so you will have them for Christmas.

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Black Friday Sales Getting Big in Canada!

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This year you don’t need to pack up the car and wait at the border for your first peek into Target. Canada is hoping to keep more shoppers on this side of the pond for this weekends sales.  With the popularity of Black Friday in the US, many Canadian retailers and boutiques are keeping up to keep you here.

You’ll be able to find Canadian deals at Sears, Best Buy, Sport Check and Toys R Us to name a few!

With a surge of deals being offered online for Cyber Monday, this is sure a weekend to get your deals with out having to leave home.

Will you be facing the border wait times, or keeping your money for the Canadian deals?
Follow @RuthBallantyne

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7 STATISTICS ON CANADIAN HOMEOWNERS

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Do you fall into any of these categories?
  • - 75% of Canadians with a mortgage think they will be mortgage-free by the time they reach age 65
  • - 33% of Canadians over the age of 55 still have 16 or more years left on their mortgage term
  • - 96% of Canadians say that a low interest rate is the most important feature when choosing a mortgage; 85% say that accelerated payment options are important
  • - 88% say that flexible payment options are important and desirable features
  • - 41% of Canadian homeowners are mortgage free – the highest level since 2006
  • - 18% of Canadians expect interest rates to rise less than 1% in the next year
  • - 26% of Canadians think interest rates to rise more than 1% in the same time period
*Stats compiled by RBC
post from ComFree.com
How do these statistics make you feel about owning a home? Any questions, comments or concerns?
make sure to follow me on twitter @RuthBallantyne and Facebook.com/RuthBallantyneTeam

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Purchasing a new home helps the economy

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This infographic shows the impact that buying a home has on the Canadian Economy. 

What do you think?

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Copyright © 2012 Brampton Real Estate Talk. All rights reserved. Disclaimer: All content on this blog is my own opinion and should not be treated as fact or relied upon when purchasing or selling real estate.